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cru cells face further delay

The publication of the net asset value of the underlying cells which CF Arch cru invested in has been delayed by a further month.

The cells had originally been delayed for publication by the end of November, however the company directors of the 23 underlying cells said last week that the annual audited financial statements will be published no later than December 31, 2009.

Estimated net asset values for the  March 31, 2009 and September 30, 2009, are set to be made available for the week commencing December 7. When the original delay was announced in October, the company said the delays had been caused by the need to be extremely cautious in valuing underlying assets in very difficult market conditions. The suspension of the shares will continue until the audited financial statements and NAV per share at March 31, 2009 have been published.

Arch Financial Products initially suspended the underling cells on the Channel Island Stock Exchange in July after finding discrepancies in their pricing.

The £400m Arch cru Oeic fund range was initially suspended in March due to liquidity concerns. Last month Capita warned shareholders that there was a possibility that the firm will have to pay costs as a result of the suspension.

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